Walmart Warns of Price Hikes on Food, Tech and Toys, Blames Tariffs

Alexander Farnsworth/Getty Images Walmart has warned that it will raise prices on food, electronics and toys later this month, citing increased costs from tariffs. CEO Doug McMillon commented on the price hikes on an earnings call on Thursday. He said the big box retailer is unable to absorb the costs of higher import taxes, despite the recent reduction of duties on Chinese goods. Earlier this week, President Donald Trump made a temporary 90-day truce with China to lower the 145% tariff to 30% on goods and products sent to the US. Walmart is the largest importer of container goods in the US, with 60% of its imports coming from China. McMillon also noted tariffs on countries like Colombia, Costa Rica and Peru will add price pressures on food imports, including avocados, bananas, and coffee. The news comes as US shoppers are feeling the sting of higher prices. In April, consumer sentiment fell for the fourth straight month. Economists fear that widespread uncertainty around trade pol ... Read full article.